Russians are Choosing Gold Over Bitcoin, Claims Peter Schiff

Time Stamp: March 5, 2022 1:43 AM
Source Node: 1199296

Peter Schiff Bitcoin

Peter Schiff, a stockbroker and vociferous crypto-skeptic who promotes gold as an investment class has once again lambasted Bitcoin (BTC) as a far too risky asset to be used as a safe haven or a store of value, especially amid the Russia-Ukraine crisis. Peter Schiff Takes a Dig at Bitcoin (BTC) Once Again The never-ending debate around bitcoin (BTC) versus gold is once again in the spotlight since the breakout of the Ukraine-Russia war. In fact, when the news of Russia invading Ukraine first broke last week, it sent a shock wave through all of the financial markets. Bitcoin and other digital assets were no exception as they had plummeted following the news. However, given the precious yellow metal’s age-old status as a financial safe haven, the rise in Gold prices in times of the recent political turmoil comes hardly as a surprise. Taking the opportunity to criticize the flagship cryptocurrency once again, self-proclaimed Gold Bug Peter Schiff believes that even Russians are flocking to Gold over Bitcoin (BTC) as a safe haven asset. #Russians who are looking to store their wealth in an asset that governments can’t seize are choosing #gold over #Bitcoin. Bitcoin is far too risky to be used as a safe haven or a store of value. Bitcoin has failed its first major test. I don’t think it will get a second chance! — Peter Schiff (@PeterSchiff) March 4, 2022 Bitcoin Out of Government Control Recently, the Biden administration announced a new round of sanctions against Russian oligarchs and their family members who are supporting President Vladimir Putin.  The sanctions include visa restrictions and seizure of assets, targeting 19 “oligarchs” and 47 of their family members. Now is the time to ponder upon the role of Bitcoin (BTC) against the government or authoritarian control as the flagship cryptocurrency can be transferred and spent regardless of any capital controls, money transfer restrictions, or cash withdrawal limits.

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